Under the terms of the collaboration, Ablynx will provide access to novel
Nanobodies against a specific, undisclosed target and Algeta will provide
access to chelation and conjugation technologies, as well as to its
alpha-emitter
thorium-227. Both companies will contribute resources towards the
collaboration, which is expected to last for up to a year initially with
the option for extension thereafter. No further terms have been disclosed.

Andreas Menrad, Chief Scientific Officer of Ablynx, said:
"We are very pleased to be working with Algeta to discover and develop
novel cancer therapeutics based on both companies' proprietary
technologies. Our Nanobodies have the potential to selectively and
efficiently deliver Algeta's thorium-227 to the site of the tumour. We are
very excited about combining our unique and powerful technology with
Algeta's leading payload expertise to search for breakthrough opportunities
in oncology."

Thomas Ramdahl, Executive Vice President and Chief Technology Officer of
Algeta, said:
"The collaboration with Ablynx, the fifth TTC programme to be disclosed by
Algeta, is designed to evaluate the potential of a Nanobody to act as the
targeting molecule for the alpha-pharmaceutical payload, thorium-227. This
payload has the potential to provide higher potency and more effective
delivery over other therapeutic payloads, with the further advantage that
there are no known cellular resistance mechanisms to the cell killing
properties of alpha particles."

About Ablynx
Ablynx is a biopharmaceutical company engaged in the discovery and
development of Nanobodies®, a novel class of therapeutic proteins based on
single-domain antibody fragments, for a range of serious human diseases,
including inflammation, haematology, oncology and pulmonary disease. Today,
the Company has approximately 25 programmes in the pipeline and seven
Nanobodies at clinical development stage. Ablynx has ongoing research
collaborations and significant partnerships with major pharmaceutical
companies including Boehringer Ingelheim, Merck KGaA, Novartis and Merck &
Co. The Company is headquartered in Ghent, Belgium. More information can be
found on www.ablynx.com.

About the Ablynx Nanobody platform
Nanobodies are antibody-derived therapeutic proteins that contain the
unique structural and functional properties of naturally-occurring
heavy-chain antibodies. The Nanobody technology was originally developed
following the discovery that camelidae (camels and llamas) possess fully
functional antibodies that lack light chains. These heavy-chain antibodies
contain a single variable domain (VHH) and two constant domains (CH2 and
CH3). Importantly, the cloned and isolated VHH domain is a perfectly stable
polypeptide harbouring the full antigen-binding capacity of the original
heavy-chain antibody. These newly discovered VHH domains with their unique
structural and functional properties form the basis of a new generation of
therapeutic antibodies which Ablynx has named Nanobodies.

About Algeta
Algeta is a company focused on developing novel targeted therapies for
patients with cancer based on its alpha-pharmaceutical platform. The
Company is headquartered in Oslo, Norway, and has a US subsidiary, Algeta
US, LLC, based in Cambridge, MA performing commercial marketing operations
in the US. Algeta is listed on the Oslo Stock Exchange (Ticker: ALGETA).
For more information please visit www.algeta.com.

About the Algeta TTC Platform
Algeta is evaluating the potential utility of alpha-particle emitting
elements in the treatment of cancer. Previous studies[1] have indicated that
such elements may have value in treating cancers by causing double-strand
DNA breaks that trigger cell death, and have also shown that the effects of
alpha-emission are highly localised as a result of the very short range of
the alpha particle (2-10 cell diameters). Thorium-227 is one alpha-particle
emitting element (radionuclide) that has been selected by Algeta for
further investigation. By linking thorium-227 to cancer-targeting molecules
such as monoclonal antibodies, Algeta believes it may be possible to
develop a pipeline of targeted alpha-pharmaceuticals, termed Targeted
Thorium Conjugates, or TTCs. The TTC platform is at an early research phase
in development. Algeta intends to evaluate TTCs in a broad range of cancer
types to determine whether the TTC platform could offer advantages over
naked (un-armed) antibodies or antibody-drug conjugate technologies that
use cytotoxic drugs (rather than alpha-emitting elements) as payloads. Such
advantages could include increased potency, a more localised tumouricidal
effect and the potential to address drug resistance by virtue of the
physical action of the alpha particles.